Housing expert: ‘This might be the worst time you could buy’

canceled in July, according to Redfin, equal to 16% of homes that went under contract that month. That’s the highest rate of canceled contracts in more than two years and comes as buyers take advantage of slowed demand to gain back some of their negotiating power.

“Home sellers are still hoping to get their home what they would have gotten three or six months ago,” Mayer said. “As a buyer part of the reason you're seeing contracts canceled, and homes sitting on the market a lot longer is buyers are looking at these rates and saying, ‘I don't want to pay these prices or I can't afford to pay these prices’ and sellers are still sticking and that makes it a tough time to be a buyer.

Investors bought 19.4% of homes sold in the second quarter, Redfin reported, down slightly from 20.1% in the first quarter. That’s the first decrease in two years of consecutive increases.Real estate investors also purchased 87,000 homes in the second quarter, according to a new report, up 11% from the last quarter but down from a record high of 93,700 purchased in the third quarter of 2021, when rates for mortgages were below 3% and the homebuying frenzy was at its peak.When crunching the numbers, the typical home investors bought in the second quarter cost a record $474,000, according to Redfin, up from $427,000 a quarter earlier and $423,000 a year ago.

“I do think some of those institutional buyers are going to face challenges in the market trying to get rid of them, but I don't think that's going to make it a buyers' market,” Mayer said. “It's just going to be a tough market for almost anybody who's looking to sell right now. But it's also a tough market for people looking to buy, which is not a great time for housing.”

Source: Loan Digest (loandigest.net)

Good!! For regular people we can always refinance the interest rate NOT the inflated price these ' investor's ' are driving up!

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